Welcome to our dedicated page for U.S. Energy news (Ticker: USEG), a resource for investors and traders seeking the latest updates and insights on U.S. Energy stock.
U.S. Energy Corp., founded in 1966 and based in Houston, Texas, is an independent energy company with a core focus on the acquisition, exploration, and development of oil and natural gas properties within the United States. The company holds significant interests in various oil and gas properties, primarily in North Dakota's Williston Basin and South Texas.
The company's business operations revolve around developing and producing oil and natural gas, generating revenue from its interests in these valuable resources. U.S. Energy Corp. is committed to sustainable development and responsible resource management, ensuring minimal environmental impact while maximizing output and profitability.
Recently, as of September 30, 2023, the company reported a debt of $12.0 million on its revolving credit facility, with an availability of $8.0 million and a cash balance of approximately $2.0 million. Moving forward, by March 31, 2024, U.S. Energy Corp. successfully managed to reduce the outstanding debt to $5.0 million, improving its financial health and operational flexibility.
The company's strategic approach involves forging partnerships and leveraging industry expertise to optimize the discovery and production processes. These collaborations support U.S. Energy Corp.'s ongoing projects and contribute to its recognition as a reliable entity in the energy sector.
For those seeking detailed financial performance, U.S. Energy Corp. offers transparency through regular updates and comprehensive reports. Stakeholders can contact Mason McGuire for investor relations at IR@usnrg.com or via phone at (303) 993-3200. Further information is available on their website, www.usnrg.com.
U.S. Energy Corp (NASDAQ: USEG) has announced its participation in the Emerging Growth Conference on September 25, 2024. The company, which focuses on operating a portfolio of high-quality producing assets, will present at 9:05 a.m. Eastern Time for 30 minutes. President and CEO Ryan Smith will deliver a company overview and engage in an interactive session with investors, advisors, and analysts.
This live, online event offers existing shareholders and the investment community an opportunity to interact directly with the company leadership. Attendees are encouraged to submit questions in advance to Questions@EmergingGrowth.com. Interested parties can register for the conference and receive updates related to U.S. Energy's presentation through the provided registration link.
U.S. Energy Corp (NASDAQ: USEG) reported financial results for Q2 2024. Key highlights include:
- Acquisition of 140,000 net acres for helium and industrial gas development in Montana
- Net daily production of 1,221 Boe/d (64% oil)
- Revenue of $6.0 million (90% oil sales)
- Adjusted EBITDA of $1.1 million
- Mid-year oil and gas reserves of 3.5 Mboe with PV-10 value of $50.9 million
- Subsequent divestiture of South Texas properties for $6.5 million
The company closed a significant acquisition in Montana, focusing on helium and industrial gas development. Post-quarter, USEG divested South Texas assets, using proceeds for debt reduction and asset development. The company now has a net debt-free position with $20 million in available liquidity.
U.S. Energy Corp (NASDAQ: USEG) has successfully closed the sale of its South Texas assets for approximately $6.5 million in cash. The transaction, which was announced on July 9, 2024, and closed on July 31, 2024, has an effective date of April 1, 2024. The divested assets averaged about 155 barrels of oil equivalent per day (85% oil) from January-March 2024, representing 13% of U.S. Energy's total production during that period.
The proceeds from this sale are expected to be used to fund the development of U.S. Energy's recently announced helium assets acquisition and to repay outstanding debt. CEO Ryan Smith stated that this divestment has positioned the company with increased liquidity and enhanced balance sheet strength.
U.S. Energy (NASDAQ: USEG) has announced that it will release its second quarter 2024 financial results on Wednesday, August 7, 2024, after market close. The company will host a conference call on Thursday, August 8, 2024, at 11:30 a.m. ET to discuss the results and conduct a Q&A session. Investors can access the webcast through the company's website or participate via teleconference. A replay will be available until August 22, 2024.
U.S. Energy Corp. describes itself as a growth-focused energy company operating a portfolio of high-quality producing assets. The company aims to consolidate assets in the United States, optimize production, generate free cash flow, and maintain an attractive shareholder returns program while also committing to reducing its carbon footprint.
U.S. Energy Corp. (NASDAQ: USEG) has announced the execution of a binding agreement to sell its South Texas assets for approximately $6.5 million. The sale is expected to close by July 31, 2024, with an effective date of April 1, 2024. The divested assets produced around 155 barrels of oil equivalent per day, representing 13% of the Company’s total production in early 2024. Proceeds from the sale will be used to fund U.S. Energy's recent acquisition of helium assets and repay outstanding debt. The company aims to enhance liquidity and strengthen its balance sheet through this transaction. An investor call to discuss the transaction and the recent acquisition has been rescheduled to July 17, 2024, due to Hurricane Beryl's impact on the company's headquarters.
U.S. Energy Corp. (NASDAQ: USEG) has announced the acquisition of Wavetech Helium Inc.'s assets targeting helium production in Montana's Kevin Dome structure. The deal includes approximately 140,000 net acres with multiple helium pay zones. Additionally, U.S. Energy signed a letter of intent with Synergy Offshore to acquire an additional 24,000 net acres, forming a contiguous acreage position totaling 164,000 net acres. The transactions are structured to minimize dilution and funded through cash on hand, cash flow, and non-core asset sales. The company plans to start drilling in late July and early August 2024, focusing on multiple helium zones. U.S. Energy also initiated a carbon sequestration business. An investor call is scheduled for July 10, 2024, to discuss the transactions further.
U.S. Energy Corp. (USEG) reported financial and operating results for Q1 2024, highlighting net daily production, oil production, operating expenses, adjusted EBITDA, stock repurchase, debt balance, and liquidity. Despite weather challenges affecting production, the company maintained a strong balance sheet and liquidity position, focusing on maximizing shareholder returns.
Production in Q1 2024 totaled 109,800 Boe, with average daily production of 1,207 Boe/d. Total revenue decreased to $5.4 million, primarily due to reduced production quantities from asset divestiture and weather-related events, coupled with an 8% decrease in realized prices. The company reported an adjusted EBITDA of $0.2 million, with a net loss of $9.5 million, driven by a non-cash impairment due to a reduction in SEC reserve pricing.
As of March 31, 2024, the company had a debt balance of $5.0 million, cash balance of $2.0 million, and a hedging program in place for crude oil swaps with fixed prices for future settlement dates.
U.S. Energy Corp. (NASDAQ: USEG) announced its first quarter 2024 results conference call date, scheduled for May 10, 2024, to discuss financial results, recent events, and conduct a Q&A session. The company will release Q1 2024 results on May 9, 2024, after the market closes.
U.S. Energy Corp (NASDAQ: USEG) will be participating in the EF Hutton Global Conference on May 15, 2024, in New York City. The Chief Executive Officer, Ryan Smith, will host meetings with investors. U.S. Energy is open for one-on-one and group meetings during the conference.
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